Wednesday, December 24, 2008

Santander also caught in the due diligence lie

The numbers are larger than at Bramdean – the lie is the same:

Intensive due diligence is vital to ensuring the integrity and sustainability of the investment process . . . Each investment undergoes lengthy and detailed scrutiny according to clearly defined manager selection criteria.

Charles, you forgot to mention other Spanish banks --- didn't Santander piss off the competition with it's relatively large rights issue? As Bear found out, it can be bad not to have allies if things turn sour...

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